Waterway to launch $190 million real estate fund targeting Africa growth

Egypt’s property market is drawing renewed investor interest as developers look for steady income in a volatile economy.

The Waterway Developments is preparing to launch a $190 million real estate fund, adding to a growing pool of structured investment vehicles across Africa. 

The Cairo-based firm plans to roll out the fund in the first half of 2026, at a time when demand for residential and commercial space remains firm despite cost pressures.

Foreign buyers, particularly from the Gulf, have continued to show interest, helped by improving currency conditions and easing import constraints. 

The fund will focus on income-generating assets across residential, commercial and administrative segments, Chief Executive Officer Hossam Hassan said in an interview.

The company expects its portfolio of leased properties to provide a steady base of cash flow. 

Developers across the region are increasingly blending private funds with bank financing as borrowing conditions begin to improve.

The Waterway said it is also in talks with lenders to support upcoming projects.

Hospitality expansion gains pace 

Hospitality is becoming a key part of the company’s growth plans.

The developer aims to deliver about 1,000 hotel rooms over the next five years, with investments ranging from $284 billion to $380 billion across the North Coast and Greater Cairo. 

To support this push, the company has introduced its own hotel brand, “My Otel,” run through a dedicated subsidiary.

Its first property opened on the North Coast in 2025, with more sites planned through 2027, including locations near the Grand Egyptian Museum and in East Cairo. 

The group has already acquired a 55-suite hotel near the museum for $8.5 million.

The property will operate as “My Otel Pyramids,” targeting visitors to one of Egypt’s busiest tourist areas.

International, healthcare plans take shape 

Beyond Egypt, The Waterway is moving cautiously into international markets.

It has secured land in Greece for a 60-room hotel, its first project outside the country, with an estimated investment of $40 million. 

The company is also studying opportunities in healthcare, starting with specialized hospitals focused on women’s and children’s services.

A first project could be launched by 2027.

Sales outlook remains strong 

On the commercial side, The Waterway is targeting $570 billion in sales in 2026, supported by new developments in Sheikh Zayed and East Cairo.

Demand has held up, particularly among regional buyers. 

Property prices are expected to rise by as much as 20% over the next two years, although higher energy and labor costs continue to weigh on developers.